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adidas

BUSE:ADIDAS
Snowflake Description

Flawless balance sheet with outstanding track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ADIDAS
BUSE
€53B
Market Cap
  1. Home
  2. HU
  3. Consumer Durables
Company description

adidas AG, together with its subsidiaries, designs, develops, produces, and markets athletic and sports lifestyle products worldwide. The last earnings update was 53 days ago. More info.


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ADIDAS Share Price and Events
7 Day Returns
0%
BUSE:ADIDAS
3%
Europe Luxury
-1.5%
HU Market
1 Year Returns
39.1%
BUSE:ADIDAS
12.8%
Europe Luxury
12.9%
HU Market
ADIDAS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
adidas (ADIDAS) 0% 0% 29.5% 39.1% 121.4% 275.8%
Europe Luxury 3% 5.9% 9.5% 12.8% 93.5% 87.4%
HU Market -1.5% -0.9% -5.8% 12.9% 55.6% 104.4%
1 Year Return vs Industry and Market
  • ADIDAS outperformed the Luxury industry which returned 12.8% over the past year.
  • ADIDAS outperformed the Market in Hungary which returned 12.9% over the past year.
Price Volatility
ADIDAS
Industry
5yr Volatility vs Market

Value

 Is adidas undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of adidas to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for adidas.

BUSE:ADIDAS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 27 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year HU Government Bond Rate 3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BUSE:ADIDAS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HU Govt Bond Rate 3%
Equity Risk Premium S&P Global 6%
Luxury Unlevered Beta Simply Wall St/ S&P Global 0.79
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.787 (1 + (1- 30%) (3.19%))
0.869
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.96% + (0.869 * 5.96%)
8.14%

Discounted Cash Flow Calculation for BUSE:ADIDAS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for adidas is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BUSE:ADIDAS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.14%)
2019 1,683.43 Analyst x17 1,556.70
2020 1,868.57 Analyst x17 1,597.82
2021 2,048.73 Analyst x14 1,620.00
2022 1,779.50 Analyst x2 1,301.18
2023 1,831.00 Analyst x2 1,238.05
2024 1,821.23 Est @ -0.53% 1,138.74
2025 1,830.60 Est @ 0.51% 1,058.43
2026 1,853.45 Est @ 1.25% 990.96
2027 1,886.10 Est @ 1.76% 932.51
2028 1,926.11 Est @ 2.12% 880.60
Present value of next 10 years cash flows €12,314.97
BUSE:ADIDAS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €1,926.11 × (1 + 2.96%) ÷ (8.14% – 2.96%)
€38,276.90
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €38,276.90 ÷ (1 + 8.14%)10
€17,499.82
BUSE:ADIDAS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €12,314.97 + €17,499.82
€29,814.79
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €29,814.79 / 198.18
€150.44
BUSE:ADIDAS Discount to Share Price
Calculation Result
Value per share (HUF) From above. HUF49,003.65
Current discount Discount to share price of HUF85,710.00
= -1 x (HUF85,710.00 - HUF49,003.65) / HUF49,003.65
-74.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of adidas is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for adidas's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are adidas's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BUSE:ADIDAS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €8.96
DB:ADS Share Price ** DB (2019-05-22) in EUR €262.8
Europe Luxury Industry PE Ratio Median Figure of 65 Publicly-Listed Luxury Companies 15.8x
Hungary Market PE Ratio Median Figure of 25 Publicly-Listed Companies 11.66x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of adidas.

BUSE:ADIDAS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:ADS Share Price ÷ EPS (both in EUR)

= 262.8 ÷ 8.96

29.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • adidas is overvalued based on earnings compared to the Europe Luxury industry average.
  • adidas is overvalued based on earnings compared to the Hungary market.
Price based on expected Growth
Does adidas's expected growth come at a high price?
Raw Data
BUSE:ADIDAS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 27 Analysts
10.1%per year
Europe Luxury Industry PEG Ratio Median Figure of 39 Publicly-Listed Luxury Companies 1.73x

*Line of best fit is calculated by linear regression .

BUSE:ADIDAS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.34x ÷ 10.1%

2.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • adidas is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on adidas's assets?
Raw Data
BUSE:ADIDAS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €34.87
DB:ADS Share Price * DB (2019-05-22) in EUR €262.8
Europe Luxury Industry PB Ratio Median Figure of 94 Publicly-Listed Luxury Companies 1.4x
Hungary Market PB Ratio Median Figure of 28 Publicly-Listed Companies 1.81x
BUSE:ADIDAS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:ADS Share Price ÷ Book Value per Share (both in EUR)

= 262.8 ÷ 34.87

7.54x

* Primary Listing of adidas.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • adidas is overvalued based on assets compared to the Europe Luxury industry average.
X
Value checks
We assess adidas's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Luxury industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Luxury industry average (and greater than 0)? (1 check)
  5. adidas has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is adidas expected to perform in the next 1 to 3 years based on estimates from 27 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is adidas expected to grow at an attractive rate?
  • adidas's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • adidas's earnings growth is expected to exceed the Hungary market average.
  • adidas's revenue growth is expected to exceed the Hungary market average.
Annual Growth Rates Comparison
Raw Data
BUSE:ADIDAS Future Growth Rates Data Sources
Data Point Source Value (per year)
BUSE:ADIDAS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 27 Analysts 10.1%
BUSE:ADIDAS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 27 Analysts 6.6%
Europe Luxury Industry Earnings Growth Rate Market Cap Weighted Average 9.7%
Europe Luxury Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
Hungary Market Earnings Growth Rate Market Cap Weighted Average 5%
Hungary Market Revenue Growth Rate Market Cap Weighted Average 4.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BUSE:ADIDAS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 27 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BUSE:ADIDAS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 30,241 3,304 3
2022-12-31 28,772 3,212 2,484 5
2021-12-31 26,923 2,972 2,372 22
2020-12-31 25,252 2,769 2,154 1
2019-12-31 23,464 2,566 1,923 26
BUSE:ADIDAS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 22,250 1,796
2018-12-31 21,915 2,646 1,707
2018-09-30 21,738 1,608
2018-06-30 21,542 2,322 1,502
2018-03-31 21,319 1,431
2017-12-31 21,218 1,648 1,351
2017-09-30 20,662 1,714 1,360
2017-06-30 20,207 1,590 1,218
2017-03-31 20,176 1,072 1,109
2016-12-31 18,483 1,348 1,079
2016-09-30 18,150 1,152 1,041
2016-06-30 17,686 1,046 969

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • adidas's earnings are expected to grow by 10.1% yearly, however this is not considered high growth (20% yearly).
  • adidas's revenue is expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BUSE:ADIDAS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 27 Analyst Estimates (S&P Global) See Below

All data from adidas Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BUSE:ADIDAS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 13.85 14.95 12.75 2.00
2021-12-31 12.21 13.10 10.88 13.00
2020-12-31 11.00 11.70 10.11 20.00
2019-12-31 9.81 10.30 9.13 20.00
BUSE:ADIDAS Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 8.96
2018-12-31 8.46
2018-09-30 7.94
2018-06-30 7.39
2018-03-31 7.05
2017-12-31 6.68
2017-09-30 6.74
2017-06-30 6.06
2017-03-31 5.53
2016-12-31 5.39
2016-09-30 5.20
2016-06-30 4.84

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • adidas is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess adidas's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
adidas has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has adidas performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare adidas's growth in the last year to its industry (Luxury).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • adidas has delivered over 20% year on year earnings growth in the past 5 years.
  • adidas's 1-year earnings growth exceeds its 5-year average (25.5% vs 24.6%)
  • adidas's earnings growth has exceeded the Europe Luxury industry average in the past year (25.5% vs 14.5%).
Earnings and Revenue History
adidas's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from adidas Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BUSE:ADIDAS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 22,250.00 1,796.00 9,065.00
2018-12-31 21,915.00 1,707.00 9,068.00
2018-09-30 21,738.00 1,608.00 8,104.00 187.00
2018-06-30 21,542.00 1,502.00 8,104.00 187.00
2018-03-31 21,319.00 1,431.00 9,342.00
2017-12-31 21,218.00 1,351.00 8,636.00
2017-09-30 20,662.00 1,360.00 7,214.00 149.00
2017-06-30 20,207.00 1,218.00 7,214.00 149.00
2017-03-31 20,176.00 1,109.00 7,559.00 164.00
2016-12-31 18,483.00 1,079.00 7,214.00 149.00
2016-09-30 18,150.00 1,041.00 6,689.00 139.00
2016-06-30 17,686.00 969.00 6,689.00 139.00
2016-03-31 17,394.00 813.00 6,689.00 139.00
2015-12-31 16,915.00 680.00 6,689.00 139.00
2015-09-30 16,358.00 645.00 5,303.00 126.00
2015-06-30 15,644.00 589.00 5,442.00 126.00
2015-03-31 15,137.00 586.00 5,580.00 126.00
2014-12-31 14,534.00 558.00 5,703.00 126.00
2014-09-30 14,114.00 601.00 5,192.00 124.00
2014-06-30 13,949.00 639.00 5,424.00 124.00
2014-03-31 13,932.00 669.00 5,649.00 124.00
2013-12-31 14,203.00 770.00 5,889.00 124.00
2013-09-30 14,382.00 524.00 1,698.00
2013-06-30 14,676.00 551.00 1,779.00
2013-03-31 14,810.00 545.00 1,960.00
2012-12-31 14,883.00 526.00 1,947.00
2012-09-30 14,755.00 759.00 2,110.00
2012-06-30 14,326.00 719.00 1,983.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • adidas has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • adidas used its assets more efficiently than the Europe Luxury industry average last year based on Return on Assets.
  • adidas has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess adidas's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Luxury industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
adidas has a total score of 6/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is adidas's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up adidas's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • adidas is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • adidas's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of adidas's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 6.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from adidas Company Filings, last reported 2 months ago.

BUSE:ADIDAS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 6,919.00 1,682.00 3,163.00
2018-12-31 6,364.00 1,675.00 2,876.00
2018-09-30 6,490.00 1,679.00 2,744.00
2018-06-30 6,028.00 1,229.00 1,549.00
2018-03-31 6,799.00 1,210.00 1,955.00
2017-12-31 6,017.00 1,120.00 1,811.00
2017-09-30 6,455.00 1,694.00 1,616.00
2017-06-30 6,125.00 1,973.00 1,460.00
2017-03-31 6,702.00 2,388.00 1,895.00
2016-12-31 6,455.00 1,618.00 1,703.00
2016-09-30 6,109.00 2,039.00 1,579.00
2016-06-30 5,775.00 2,168.00 1,386.00
2016-03-31 5,663.00 2,143.00 1,514.00
2015-12-31 5,648.00 1,829.00 1,463.00
2015-09-30 5,708.00 1,968.00 1,202.00
2015-06-30 5,537.00 1,920.00 1,101.00
2015-03-31 6,265.00 1,920.00 2,073.00
2014-12-31 5,617.00 1,872.00 1,752.00
2014-09-30 6,112.00 1,181.00 974.00
2014-06-30 5,504.00 1,650.00 1,344.00
2014-03-31 5,603.00 1,456.00 1,362.00
2013-12-31 5,481.00 1,334.00 1,689.00
2013-09-30 5,610.00 1,341.00 1,334.00
2013-06-30 5,463.00 1,321.00 1,465.00
2013-03-31 5,730.00 1,285.00 1,338.00
2012-12-31 5,291.00 1,487.00 1,984.00
2012-09-30 5,896.00 1,663.00 1,554.00
2012-06-30 5,691.00 1,709.00 1,646.00
  • adidas's level of debt (24.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (26% vs 24.3% today).
  • Debt is well covered by operating cash flow (157.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 51.7x coverage).
X
Financial health checks
We assess adidas's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. adidas has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is adidas's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.27%
Current annual income from adidas dividends. Estimated to be 1.73% next year.
If you bought HUF2,000 of adidas shares you are expected to receive HUF25 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • adidas's pays a lower dividend yield than the bottom 25% of dividend payers in Hungary (2.32%).
  • adidas's dividend is below the markets top 25% of dividend payers in Hungary (5.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BUSE:ADIDAS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 27 Analyst Estimates (S&P Global) See Below
Europe Luxury Industry Average Dividend Yield Market Cap Weighted Average of 52 Stocks 1.7%
Hungary Market Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3%
Hungary Minimum Threshold Dividend Yield 10th Percentile 1.9%
Hungary Bottom 25% Dividend Yield 25th Percentile 2.3%
Hungary Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BUSE:ADIDAS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 6.24 1.00
2022-12-31 6.12 3.00
2021-12-31 5.11 21.00
2020-12-31 4.45 25.00
2019-12-31 3.91 24.00
BUSE:ADIDAS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-13 3.350 1.403
2018-03-14 2.600 1.305
2017-03-10 2.000 1.107
2016-03-03 1.600 1.207
2015-03-05 1.500 1.949
2014-02-14 1.500 2.260
2013-03-07 1.350 1.615
2012-08-02 1.000 1.511
2012-03-07 1.000 1.695
2011-03-02 0.800 1.588
2010-03-03 0.350 0.800

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • adidas is not paying a notable dividend for Hungary, therefore no need to check if the payments are stable.
  • adidas is not paying a notable dividend for Hungary, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of adidas's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of adidas's dividends as it is not paying a notable one for Hungary.
Future Payout to shareholders
  • No need to calculate the sustainability of adidas's dividends in 3 years as they are not expected to pay a notable one for Hungary.
X
Income/ dividend checks
We assess adidas's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can adidas afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. adidas has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of adidas's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kasper Rorsted
COMPENSATION €6,786,592
AGE 56
TENURE AS CEO 2.7 years
CEO Bio

Mr. Kasper Bo Rorsted is Director at Nestle S.A. since April 12, 2018. He has been Chief Executive Officer of Adidas AG since October 1, 2016 and as its Member of Executive Board since August 1, 2016. He served as the Chief Executive Officer of Henkel Management AG at Henkel AG & Co. KGaA Vz since 2008 until April 30, 2016. He served as Executive Vice President of Human Resources, Purchasing, Information Technologies & Infrastructure Services of Henkel Management AG at Henkel AG & Co. KGaA Vz since April 2005. He served as the Chief Executive Officer of Henkel AG & Co. KGaA at Henkel of America, Inc. Mr. Rorsted served as an Executive Vice President of Human Resources, Purchasing and Information Technologies & Infrastructure Services of Henkel KGaA since April 2005. He has been with Henkel since April 2005. From 1995 to 2001, he held various management positions at Compaq, including Head of Compaq Enterprise Business Group in Europe, Middle East and Africa (EMEA) Region. He served as Vice President and General Manager of Compaq, EMEA Region from 2001 to 2002. He served as Senior Vice President and General Manager of Hewlett Packard from 2002 to 2004, responsible for Europe, Middle East and Africa (EMEA) Region. Prior to 1995, he held different management positions in marketing and distribution with Oracle Europe and Digital Equipment Corporation. Mr. Rorsted has been the Chairman of Management Board of Henkel KGaA a subsidiary of Henkel Group., since April 14, 2008. He served as the Chairman of the Management Board - Henkel Management AG at Henkel AG & Co. KGaA Vz since April 14, 2005 until April 30, 2016. He served as Vice Chairman of Management Board of Henkel KGaA and Henkel AG & Co. KGaA since January 1, 2007. He serves as a Member of the Supervisory Board of Bertelsmann Management SE. He is Member of Management Board of Henkel KGaA a subsidiary of Henkel Group since April 1, 2005. He is a Member of Management Board of Henkel Management AG at Henkel AG & Co. KGaA since April 1, 2005 until April 30, 2016. Mr. Rorsted serves as a Director of Danfoss District Energy A/S. He has been a Non-Executive Director of Cable & Wireless Communication since May 27, 2003. He was a Member of Supervisory Board at Bertelsmann SE & Co. KGaA since May 30, 2011 until 2019. He served as an Independent Director of Danfoss A/S since 2009 until February 28, 2017. He served as an Independent Director of Anheuser-Busch InBev SA/NV since April 29, 2015 until October 8, 2016. He served as a Non-Executive Independent Director of Anheuser-Busch InBev SA/NV since April 29, 2015. He served as a Non-Independent Director at Ecolab Inc. from August 2005 to July 2008. He served as a Non-Executive Director at Cable & Wireless Communications Plc from May 27, 2003 to January 1, 2011. He served as a Member of Supervisory Bodies at Cable & Wireless Plc., UK, Ecolab Inc., USA, Henkel of America Inc., USA, Henkel Central Eastern Europe GmbH, Austria, Henkel Belgium NV, Belgium, Henkel France SA, France, Henkel Norden AB, Sweden. He serves as a Member of Joint Advisory Council at Allianz SE. Mr. Rorsted studied BA from International Business School at Copenhagen in Denmark and completed Executive Summer Program from Harvard Business School.

CEO Compensation
  • Kasper's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Insufficient data for Kasper to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the adidas management team in years:

3
Average Tenure
53
Average Age
  • The tenure for the adidas management team is about average.
Management Team

Kasper Rorsted

TITLE
CEO & Member of Executive Board
COMPENSATION
€7M
AGE
56
TENURE
2.7 yrs

Harm Ohlmeyer

TITLE
CFO, Labor Director & Member of Executive Board
COMPENSATION
€2M
AGE
50
TENURE
2.1 yrs

Eric Liedtke

TITLE
Head of Global Brands & Member of Executive Board
COMPENSATION
€3M
AGE
52
TENURE
5.3 yrs

Roland Auschel

TITLE
Head of Global Sales & Member of Executive Board
COMPENSATION
€3M
AGE
55
TENURE
5.7 yrs

Karen Parkin

TITLE
Chief Global Human Resources Officer & Member of Executive Board
COMPENSATION
€2M
AGE
53
TENURE
2.1 yrs

Martin Shankland

TITLE
Chief of Global Operations & Member of Executive Board
TENURE
0.3 yrs

Sebastian Steffen

TITLE
Senior Vice President of Investor Relations

Jan Runau

TITLE
Chief Corporate Communications Officer

Nicole Vollebregt

TITLE
Senior Vice President of Global Purpose
TENURE
3.3 yrs

Andreas Gellner

TITLE
Managing Director of South East Europe Operations
TENURE
8.1 yrs
Board of Directors Tenure

Average tenure and age of the adidas board of directors in years:

3
Average Tenure
55.5
Average Age
  • The tenure for the adidas board of directors is about average.
Board of Directors

Igor Landau

TITLE
Chairman of the Supervisory Board
COMPENSATION
€329K
AGE
74
TENURE
10.1 yrs

Udo Mueller

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€87K
AGE
58
TENURE
0.4 yrs

Thomas Rabe

TITLE
Deputy Chairman of Supervisory Board
AGE
53
TENURE
0.4 yrs

Guenter Weigl

TITLE
Member of Supervisory Board and SVP of Global Sports Marketing & Brand Relations
AGE
53
TENURE
0.4 yrs

Frank Scheiderer

TITLE
Director for Head Office of Group Functions Finance & Member of the Supervisory Board
AGE
41
TENURE
0.4 yrs

Herbert Kauffmann

TITLE
Member of Supervisory Board
COMPENSATION
€252K
AGE
67
TENURE
10.1 yrs

Roland Nosko

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€129K
AGE
60
TENURE
15.1 yrs

Kathrin Menges

TITLE
Member of Supervisory Board
COMPENSATION
€86K
AGE
54
TENURE
5.1 yrs

Ian Gallienne

TITLE
Member of Supervisory Board
COMPENSATION
€169K
AGE
47
TENURE
3 yrs

Nassef Onssy Sawiris

TITLE
Member of Supervisory Board
COMPENSATION
€87K
AGE
57
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HUF) Value (HUF)
X
Management checks
We assess adidas's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. adidas has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

adidas AG, together with its subsidiaries, designs, develops, produces, and markets athletic and sports lifestyle products worldwide. The company operates in 10 segments: Europe, North America Adidas, North America Reebok, Asia-Pacific, Latin America, Emerging Markets, Russia/CIS, Adidas Golf, Runtastic, and Other Centrally Managed Businesses. It offers footwear; apparel; and hardware, such as bags, balls, fitness equipment, golf clubs, and hockey sticks under the adidas, Reebok, and adidas Golf brands. The company is also involved in the operation of Runtastic, a digital health and fitness space; and Y-3 label business activities. It sells its products through approximately 2,300 own-retail stores; 14,000 mono-branded franchise stores; and 150,000 wholesale doors, as well as its e-commerce Website. The company was formerly known as adidas-Salomon AG and changed its name to adidas AG in June 2006. adidas AG was founded in 1920 and is headquartered in Herzogenaurach, Germany.

Details
Name: adidas AG
ADIDAS
Exchange: BUSE
Founded: 1920
€17,007,233,880,804
198,182,369
Website: http://www.adidas-group.com
Address: adidas AG
Adi-Dassler-Strasse 1,
Herzogenaurach,
Bavaria, 91074,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB ADS Bearer Shares Deutsche Boerse AG DE EUR 17. Nov 1995
OTCPK ADDD.F Bearer Shares Pink Sheets LLC US USD 17. Nov 1995
XTRA ADS Bearer Shares XETRA Trading Platform DE EUR 17. Nov 1995
LSE 0OLD Bearer Shares London Stock Exchange GB EUR 17. Nov 1995
SWX ADS Bearer Shares SIX Swiss Exchange CH CHF 17. Nov 1995
BIT ADS Bearer Shares Borsa Italiana IT EUR 17. Nov 1995
WBAG ADS Bearer Shares Wiener Boerse AG AT EUR 17. Nov 1995
BUSE ADIDAS Bearer Shares Budapest Stock Exchange HU HUF 17. Nov 1995
BMV ADS N Bearer Shares Bolsa Mexicana de Valores MX MXN 17. Nov 1995
BATS-CHIXE ADSD Bearer Shares BATS 'Chi-X Europe' GB EUR 17. Nov 1995
OTCPK ADDY.Y ADR EA REP 1/2 ORD NPV Pink Sheets LLC US USD 10. Jan 2005
BST ADS1 ADR EA REP 1/2 ORD NPV Boerse-Stuttgart DE EUR 10. Jan 2005
Number of employees
Current staff
Staff numbers
49,563
adidas employees.
Industry
Apparel, Accessories and Luxury Goods
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/25 21:38
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/06/24
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.